The global crude oil demand, safety reasons, and the receding number of employees in the oil & gas industry are driving the growth of digital oil field market.
Dallas, Texas (PRWEB) January 23, 2013
The global market for digital oil field in terms of revenue is expected to reach $33.3 billion by 2022, growing at a CAGR of 4.8% from 2012 to 2022. Western Europe dominated the global digital oil field market, accounting for 26.9% of the global digital oil field market revenue in 2011. North American region is expected to have the second highest market revenue by 2022. Middle East is expected to be the fastest growing market in the future, with a CAGR of 5.9% from 2012 to 2022, because of increasing demand for crude oil and the entry of E&P companies in the region. Asia-Pacific region is expected to have the highest growth next to the fastest growing market.
Digital oil field technology is a combination of IT and automation & instrumentation technologies, as an improvement of the existing technologies in the oil & gas industry. This integrated operations technology makes the analysis faster and easier with software involved in efficient data management, provides more realistic image of the reservoir and the availability of resources, helps to optimize process required for production, and renders much safer operations with the inclusion of remote surveillance and collaborated environments. Digital oil field technology includes segments of IT such as outsourcing, software services, and equipment based expenditure. Automation & instrumentation is another segment of digital oil field market, which includes key networking processes and communication technologies such as SCADA, PLC, smart well, safety systems, and wireless systems.
In the recent past, revival of older methodologies in the oil & gas sector became essential to increase and minimize the deficit in supply. The high average age of oil & gas industry professionals indicated more retirements in the near future, resulting in reduction of man power in the industry. This was met by automated production platforms, intelligent machinery and systems. The safety factors proved to be high after installing digital oil field technology based machines and systems. These are the reasons which are driving the market apart from the regulations by government bodies in some parts of the world.
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Exploration for new and unconventional hydrocarbon sources has seen growth in the oil & gas sector since some time now. The usage of unconventional resources to complete the energy requirements is slowly rising along with the acceptance of such resources. The exploration activities in the Arctic Circle are waiting to meet environmental regulations and are expected to contribute to the global oil & gas production in the future. The fastest growing region is expected to be the Middle East, followed by Asia-Pacific. The most active market currently is North America.
This research uses various secondary sources including encyclopedia, directories and databases to identify and collect information useful for this extensive commercial study of digital oil field market. The primary sources, experts from related industries and suppliers, have been interviewed to obtain and verify critical information as well as to assess the future prospects of smart wells based digital oil field technology.
This report also profiles leading players of this industry with their recent developments and other strategic industry activities. Companies mentioned in this report include Schlumberger Ltd (U.S.), Halliburton Company (U.S.), Baker Hughes Incorporated (U.S.), Emerson Electric Company (U.S.), ABB Group (Switzerland), Microsoft Corporation (U.S.), International Business Machines Corporation (U.S.), TIBCO Software Inc. (U.S.), Tata Consultancy Service (India), Accenture Plc (Ireland), Redline Communications Group Inc. (Canada), Paradigm Ltd (U.S.), and Kongsberg Oil and Gas Technologies AS (Norway).
The global crude oil demand, safety reasons, and the receding number of employees in the oil & gas industry are driving the growth of digital oil field market. The influence of adoption by a single E&P company has also influenced other companies in respective regions to implement technology based E&P processes.
Smart field operations have proven significance for exploration, surveying, development, well completion, and production processes. Smart field operations help industry players to integrate their operations through data management, seismic imaging, drilling, process completion, reservoir modeling, production optimization, and other vital processes. The technology results in the creation of data centers for analyzing the data acquired across various processes and creating a collaborative environment for smart decision-making.
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